Home Buying in Mountain Home>Question Details

Shabray1, Home Buyer in Boise, ID

Tax Question for Primary vs. Secondary Home

Asked by Shabray1, Boise, ID Sat Apr 9, 2011

I plan to purchase another home that is approximately 50 miles from my current residence. My dilema is the 8K homebuyer tax credit that I received in 09. If this home is not my primary residence for 36 months, I will have to repay the credit. However, it would be more advantageous for me to purchase a primary residence and rent my current home; as this would allow me to secure a loan with little to no money down with a low interest rate. How do lenders and the IRS determine "primary residence?" How long with the new home have to remain my primary residence before it can be rented? What are my best options?

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Lynn911 Dallas Realtor & Consultant, Loan Officer, Credit Repair Advisor
The Michael Group - Dallas Business Journal Top Ranked Realtors
0 votes Thank Flag Link Sat Apr 9, 2011
You should discuss this with your trusted tax adviser. There are several factors in your question which only someone up close and personal with your income, and contracts would be able to counsel you.

Real estate agents are not to give legal or tax advice.
Web Reference: http://terrivellios.com
0 votes Thank Flag Link Sat Apr 9, 2011
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